Wells Fargo & Co (WFC) to Debut Cardless ATMs

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Wells Fargo & Co (NYSE:WFC) has announced that it will be introducing cardless ATMs across the country next week.

Wells Fargo & Co (WFC) to Debut Cardless ATMs

The new ATMs from Wells Fargo & Co will debut on Monday, March 27, 2017. These ATMs will allow users to request an eight-digit access code from the company’s app on their smartphones. This, along with the person’s identification code, will allow them to withdraw money from the machines.

Wells Fargo & Co currently has roughly 13,000 ATMs in the United States. The decision to allow for cardless transactions was made after testing the idea out in select cities. This move makes it the first bank in the United States to introduce cardless ATMs.

“The new feature allows customers to withdraw cash at any time, even when they don’t have their cards on them,” Jonathan Velline, head of ATM and branch banking at Wells Fargo & Co, told Reuters. “Security certainly was a big aspect of the cardless feature and the two-step identification helps reduce the risk of fraud.”

To help protect accounts, the code that will be sent to Wells Fargo & Co users will only be able to work once. However, the company is planning an update later this year that won’t even require the code. Instead, it will let users conduct transactions with just their smartphone and their identification codes.

Wells Fargo & Co also notes that the code sent to users won’t be able to open the secure doors at some of the company’s locations. That will still require the person to keep their card on them. It also hopes that using mobile devices for transactions will reduce the risk of a user’s card being skimmed, reports Engadget.

WFC stock was up slightly as of Thursday afternoon.


Article printed from InvestorPlace Media, https://investorplace.com/2017/03/wells-fargo-co-wfc-cardless-atms/.

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